“Saunders Electrical fraudsters ordered to pay over £7 million” reports SFO

Jolan Saunders and Michael Strubel, former company executives at Saunders Electrical Wholesalers Ltd, have been ordered to pay confiscation orders totalling £7,393,663.33. Saunders and Strubel have been ordered to pay £5,262,301.03 and £2,131,362.30 respectively. These totals represent the full realisable assets from their criminal benefit for conspiracy to defraud.

Once paid, all of this money will be distributed as compensation to victims, many of whom were vulnerable people from within the fraudsters’ own communities. Investors had parted with tens of thousands of pounds, with some investing their life savings in the fraudulent scheme.

Lisa Osofsky, director of the Serious Fraud Office, said: “This is an excellent result, capitalising on the convictions in the 2015 trials to ensure fraudsters don’t profit from their crimes. Our Proceeds of Crime team members have worked tirelessly on this case and these confiscation orders are testament to their hard work.”

Saunders and Strubel enticed wealthy individuals to invest in Saunders Electrical Wholesale Ltd, which they claimed was a successful supplier of electrical goods to hotel chains and the Olympic Village.

Jolan Saunders pleaded guilty in July 2015 to one count of conspiracy to defraud and one count of acting as a director of a company while disqualified. He was sentenced to seven years in prison for the conspiracy to defraud and one year, to run concurrently, for acting as a director while disqualified.

In February 2015, Michael Strubel was tried and found guilty by a jury of conspiracy to defraud, and was subsequently sentenced to seven years in prison.

Saunders faces a nine-year prison sentence if he fails to pay the amounts within three months. Strubel faces a 7.5-year prison sentence if he fails to pay the amount within three months.

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

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